Elliott Seeks Changes at Juniper Networks

Hedge Fund Wants More Cost Cuts and a Stock Buyback

Hedge fund Elliott Management Corp. is pressing Juniper Networks Inc. to further cut costs, consider shedding its security and switching segment and buy back as much as $3.5 billion of its stock.

The activist investor, which owns 6.2% stake in the network-gear company, suggested the moves could boost Juniper's underperforming stock to $35 a share and $40 a share, a premium between 49% and 70% over Friday's close.